Economic miracle is an informal economic term commonly used to refer to a period of dramatic economic development that is entirely unexpected or unexpectedly strong. The term has been used to describe periods in the recent histories of a number of countries, often those undergoing an economic boom, or described as a tiger economy.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers as tigers are important in Asian symbolism, which also inspired the Tiger Cub Economies. The Asian Tigers also inspired other economies later on; the Anatolian Tigers in the 1980s, the Gulf Tiger (Dubai) in the 1990s, the Celtic Tiger in 1995-2000, the Baltic tigers in 2000-2007, and the Tatra Tiger (Slovakia) in 2002-2007. In the 1960s, the Philippines, Sri Lanka and Myanmar were billed as the next East Asian Tiger Economies as all three countries were experiencing high growth. Internal issues however led to the economies of all three countries to falter. Israel's rapid economic growth in the 1990s, and again in the 2000s and 2010s following a brief recession, earned it a reputation as a tiger economy, and the term "Hebrew tiger" was dubbed in one newspaper.
The Dutch Golden Age was a period in the history of the Netherlands, roughly spanning the 17th century, in which Dutch trade, science, military, and art were among the most acclaimed in the world. The first section is characterized by the Eighty Years' War, which ended in 1648. The Golden Age continued in peacetime during the Dutch Republic until the end of the century.
See Post–World War II economic expansion.
The Japanese economic miracle is known as Japan's record period of economic growth between the post-World War II era to the end of the Cold War. During the economic boom, Japan rapidly became the world's second largest economy. By the 1990s, Japan's demographics began stagnating and the workforce was no longer expanding as it did in previous decades, despite per-worker productivity remaining high.
Les Trente Glorieuses refers to the thirty years from 1945 to 1975 following the end of the Second World War in France. The name was first used by the French demographer Jean Fourastié. Fourastié coined the term in 1979 with the publication of his book Les Trente Glorieuses, ou la révolution invisible de 1946 à 1975. The term is derived from Les Trois Glorieuses, the three days of revolution on 27–29 July 1830 in France.
The record years describes the economy of Sweden during the international post–World War II economic expansion, until the 1973 oil crisis, and largely coinciding with the mandates of prime ministers Tage Erlander and earliest years of Olof Palme. The original use was a satirical left-wing description of the years 1968-70.
The Taiwan Miracle or Taiwan Economic Miracle refers to the rapid industrialization and economic growth of Taiwan during the latter half of the twentieth century. As it has developed alongside Singapore, South Korea and Hong Kong, Taiwan became known as one of the "Four Asian Tigers".
The Spanish miracle was the name given to a broadly based economic boom in Spain from 1959 to 1974. It was brought to an end by the international oil and stagflation crises of the 1970s.
The Four Asian Tigers, Four Asian Dragons or Four Little Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan, which underwent rapid industrialization and maintained exceptionally high growth rates between the early 1960s and 1990s. By the early 21st century, all four had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become world-leading international financial centres, whereas South Korea and Taiwan are world leaders in manufacturing electronic components and devices. Their economic success stories have served as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia.
The Miracle on the Han River refers to the period of rapid economic growth in South Korea following the Korean War (1950–1953), during which South Korea transformed from a developing country to a developed country. The rapid reconstruction and development of the South Korean economy during the latter half of the 20th century was accompanied by events such as the country's successful hosting of the 1988 Summer Olympics and its co-hosting of the 2002 FIFA World Cup, as well as the ascension of family-owned conglomerates known as chaebols, such as Samsung, LG, and Hyundai.
A military dictatorship is a dictatorship wherein the military exerts complete or substantial control over political authority.
The economic history of Japan is most studied for the spectacular social and economic growth in the 1800s after the Meiji Restoration, when it became the first non-Western great power, and for its expansion after the Second World War, when Japan recovered from devastation to become the world's second largest economy behind the United States, and from 2013 behind China as well. Scholars have evaluated the nation's unique economic position during the Cold War, with exports going to both U.S.- and Soviet-aligned powers, and have taken keen interest in the situation of the post-Cold War period of the Japanese "lost decades".
Dirigisme or dirigism is an economic doctrine in which the state plays a strong directive role, as opposed to a merely regulatory role, over a capitalist market economy. As an economic doctrine, dirigisme is the opposite to laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. Dirigiste policies often include indicative planning, state-directed investment, and the use of market instruments.
The economy of Asia comprises more than 4.5 billion people living in 49 different nation states. Six further states lie partly in Asia, but are considered to belong to another region economically and politically. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. China, Japan, India, South Korea and Indonesia are currently the top five economies in Asia. Moreover, Asia is the site of some of the world's longest modern economic booms, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, economic boom (1978–2013) in China and economic boom in India (1991–present).
The Hindu rate of growth is a term referring to the low annual growth rate of the planned economy of India before the liberalisations of 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged 1.3%.
The "East Asian cultural sphere" or "Sinosphere" are the countries and regions in East Asia that were historically influenced by the Chinese culture. Other names for the concept include the Sinic world, the Confucian world, the Taoist world, and the Chinese cultural sphere, though the last is also used to refer particularly to the Sinophone world: the areas which speak varieties of Chinese.
Developmental state, or hard state, is a term used by international political economy scholars to refer to the phenomenon of state-led macroeconomic planning in East Asia in the late twentieth century. In this model of capitalism, the state has more independent, or autonomous, political power, as well as more control over the economy. A developmental state is characterized by having strong state intervention, as well as extensive regulation and planning. The term has subsequently been used to describe countries outside East Asia which satisfy the criteria of a developmental state. Botswana, for example, has warranted the label since the early 1970s. The developmental state is sometimes contrasted with a predatory state or weak state.
The Greek economic miracle is the period of sustained economic growth in Greece from 1950 to 1973. During this period, the Greek economy grew by an average of 7.7%, second in the world only to Japan.
Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam the five dominant countries in Southeast Asia.
The Economy of East Asia comprises more than 1.6 billion people living in 6 different countries. East Asia is home to one of the most economically dynamic places in the world. The region is the site to some of the world's longest modern economic booms, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, the Taiwan miracle in Taiwan (1960–1996) and the economic boom (1978–2015) in Mainland China. The region is home of some of the world's largest and most prosperous economies: Mainland China, Hong Kong, Macau, Japan, South Korea, and Taiwan. As East Asia's economic prominence has grown, so has its importance and influence in the world economy. It has emerged as an increasingly prominent region in the Asian continent and in the global economy and international politics as a whole. East Asia now boasts an expanding cosmopolitan middle class, where its members are linked to the global communications grid that are identifying with its Western counterparts across the world making it a significant force to be reckoned with in the global economy. The region's economic success has led to it being dubbed "An East Asian renaissance" by the World Bank in 2007.
The recordkeeping and development of the economic history of Taiwan started in the Age of Discovery. In the 17th century, the Europeans realized that Taiwan is located on the strategic cusp between the Far East and Southeast Asia. Two main European empires that competed to colonize it were the Dutch and Spanish Empires. Taiwan also became an intermediate destination for trade between Western European empires and East Asia states. The history of Taiwan as a colony of the Dutch Empire, Kingdom of Tungning, Qing China, and Empire of Japan between 1630 and 1945 was based heavily on economics.
East Asia is the eastern subregion of Asia, defined in either geographical or ethno-cultural terms. China, Japan, Korea, and Vietnam belong to the East Asian cultural sphere. Geographically and geopolitically, the region includes China, Hong Kong, Macau, Taiwan, Japan, Mongolia, North Korea, and South Korea.
The Italian economic miracle or the Italian economic boom is the term used by historians, economists and the mass media to designate the prolonged period of strong economic growth in Italy after the Second World War from the 1950s to the late 1960s, and in particular the years from 1950 to 1963. This phase of Italian history represented not only a cornerstone in the economic and social development of the country—which was transformed from a poor, mainly rural, nation into a global industrial power—but also a period of momentous change in Italian society and culture. As summed up by one historian, by the end of the 1970s, "social security coverage had been made comprehensive and relatively generous. The material standard of living had vastly improved for the great majority of the population."
The post–World War II economic expansion, also known as the Golden Age of Capitalism, postwar economic boom, the long boom, was a period of strong economic growth beginning after World War II and ending with the 1973–75 recession. The United States, Soviet Union, Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan, West Germany and Austria (Wirtschaftswunder), South Korea, France, Italy, and Greece.